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Who would buy an older condo when you can get into a preconstruction with a reputable builder for a discount or just bite the bullet and get a starter home for a few $ more?

People don't want to take on a 2000$/m mortgage on top of 500$ for hot water and a gym they never use.

We would. :)

We've leased a few different suites and without a doubt, the older units are by far the most "home-like". The newer units were shiny and had lots of windows, granite, fancy appliances, and amenities up the ying-yang. But the older ones had better construction, much more space (SPACE!), and older, more established residents, who seem to care about the building and their neighbours.

We've been crammed into 700-800 square footers, and after a while it feels claustrophobic and frustrating as you try to figure out where to put stuff. We've liquidated, donated, sold, and trashed what seems to be an endless amount of stuff, just to feel like we could breathe.

We are now in a 1300+ square footer that was actually built to be a home. It is old, dated, yet we love it more than any other place we've lived.

So my question is once you are stuck in a highrise and these shiny new eyesores become old rustic eyesores. What happens when people can't afford the fee's to upkeep them? Or what if heaven forbid people start losing their jobs?

I honestly see many of these downtown condos becoming run down ghettos. Maybe I'm way out of line thinking that, but I doubt many of these units to the highest standard of build quality.

Or they will all become glorified run down apartments from foreign money capitalizing on a low dollar.

We spent a year in one of North York's newest condo buildings. Had a great location, and was (on the surface) an amazing place to live. But some of the residents are running it down so fast it's just sad. Many are treating it like a glorified dorm. Maybe they lease, maybe they bought it (or their parents did), but they are only there for the short-term and treat it as such. It all looks like a million bucks, but the quality of life was not very good. All style, no substance.

I agree that many buildings are going to transition into a steady decline. At some point, there will be a shift away from micro-sized condo living back to more spacious, livable places. Many of the newer buildings are mostly 1-bed units, built cheap for quick flips. These will likely see the worst of it.
 
Here's a great report released last week by Ben Myers from Fortress Real Developments, which is by far one of the most comprehensive reports on the national + regional housing markets.
http://fortressrealdevelopments.com/news/the-market-manuscript-spring-2016/

We all know you are Ben Myers. What kind of an organization engages in this type of self-promotion? Clearly not a reputable one.

We already know that Fortress Real Developments is not a reputable organization. In fact, the CEO (Jawad Rathore) and CFO (Vince Petrozza) have been sanctioned and fined by both the OSC and MFDA. Rathore can never trade in securities again. Ben Myers has joined this den of thieves to make a couple quick bucks exploiting ignorant people and taking their retirement money. Very noble.
 
We've leased a few different suites and without a doubt, the older units are by far the most "home-like". The newer units were shiny and had lots of windows, granite, fancy appliances, and amenities up the ying-yang. But the older ones had better construction, much more space (SPACE!), and older, more established residents, who seem to care about the building and their neighbours.
My daughter rented in a shiny and new building for a couple of years. She recently purchased in an older building. The first thing people say is how home-like her new condo looks. They're loving it -- the building is over 85% owner occupied, established, and the kinks have been worked out. And yes, the layouts are far better in terms of space and practicality.
 
Condo ownership by foreign buyers most prominent in newer buildings: CMHC

http://www.cbc.ca/news/business/condominium-ownership-foreign-cmhc-1.3524841

Article says foreign ownership in new condo buildings in the city may be 10 percent. However, there is no mention that this percentage may be higher if it also including buyers not covered by CMHC insurance, and problems of foreign money going through local intermediaries. Doesn't seem like CMHC is the best source for data on foreign buyers given that so many buyers are bypassing CMHC. Wouldn't the province have clearer data (land registration) if they wanted to crunch the numbers? I suspect there is no real desire among elected officials to expose any major problems because friends are making money, even though the long term impacts may be worse.
 
Note that CMHC obtained the data on foreign ownership by surveying property managers. This is not reliable information in my opinion.
 
Here's a great report released last week by Ben Myers from Fortress Real Developments, which is by far one of the most comprehensive reports on the national + regional housing markets.
Oh, thanx. It was helpful, and there are not much economic terms which are usually very confusing
 
Had a great location, and was (on the surface) an amazing place to live. But some of the residents are running it down so fast it's just sad. Many are treating it like a glorified dorm. Maybe they lease, maybe they bought it (or their parents did), but they are only there for the short-term and treat it as such. It all looks like a million bucks, but the quality of life was not very good.


I also was interested in residential in New York, but I was reaaly confused by diversity of prices, types and quality of property there. It seemed to me like a chaos. I read a lot of articles (including this one - https://tranio.com/traniopedia/tips/foreign_buyers_guide_to_residential_property_in_new_york_city/ ) but it's still like a rocket science for me. Bronx is cheaper than Staten Island and Queens, but I heard Bronx isn't the worst borough. Earlier I considered Brooklyn as new modern borough, but medium sale price is around 650 K. And around 300K in Bronx. The difference matters.
 
Who buys real estate to let it rot for years, without even attempting to get some rental revenue in the meantime? Money laundering is the only answer that makes sense.

http://news.nationalpost.com/news/c...al-character-of-abandoned-point-grey-mansions

Canada shouldn't be pointing the finger at Panama when we can't even get our own house in order.

Investing in land (in Canada) does not automatically equal money laundering.

"the house" on said land is of little consequence to those with money / particularly in a very hot market where the land appreciation makes up most of the properties value.

This has nothing to do with what is going on in Panama. Its a simple investment by someone that can afford to do so.
 
This has nothing to do with what is going on in Panama. Its a simple investment by someone that can afford to do so.
I heard they have an easier due diligence process, but there are not so many rich people who can afford to buy a good property
 
Investing in land (in Canada) does not automatically equal money laundering.

"the house" on said land is of little consequence to those with money / particularly in a very hot market where the land appreciation makes up most of the properties value.

This has nothing to do with what is going on in Panama. Its a simple investment by someone that can afford to do so.

Yes, just a simple investment where Chinese millonaires illegally move capital to Canada and launder it due to our lax regulatory regime. Why is Vancouver so attractive to foreign investors? Because citizenship is for sale and financial regulation is non-existent, unlike in the U.S.
 
Here is Post City's annual Real Estate Round Table discussion for 2016:

http://www.postcity.com/Eat-Shop-Do...rontos-red-hot-market-still-have-room-to-run/

RERT-65755253.jpeg


2016 Roundtable Participants

Brad Lamb
President & broker at Brad J. Lamb Realty Inc. and founder of Lamb Development Corporation

Scott McGillivray

Host of HGTV’s Income Property

Barry Cohen

Canada’s #1 Re/Max agent

Paul Miklas

President of Valleymede Building and Development Co.

Karen Stintz

CEO and president of Variety Village, former TTC Chair and former Toronto city councillor

Elise Kalles

The #1 broker in Toronto for luxury homes

Dan Barnabic

Author of The Condo Bible for Canadians

Dr. Sherry Cooper

Chief economist of Dominion Lending Centres

Mathew Rosenblatt

Co-owner of the Distillery District with Dundee Realty

Hilary Farr

Host of W Network’s Love It or List It

Ron Johnson

Moderator
 

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